'Attacks on Saudi Arabia’s oil facilities have global consequences'

Agencies
September 18, 2019

Washington, Sept 18: The attacks on Saudi Arabia's oil facilities have global consequences and the UN must play its part to address threats to international peace, a senior Trump administration official has said, as US Secretary of State Mike Pompeo left for Jeddah for talks with the top Saudi leadership.

Saudi Arabia, a key American ally, leads a military coalition that has been battling the Iran-aligned Huthi rebels in Yemen since 2015.

The Huthis claimed responsibility for Saturday's two attacks on Saudi Arabian facilities, which halved oil output in Saudi Arabia, the world's top crude exporter.

After the attacks, US President Donald Trump said the White House believed it knew the culprit of the strikes, and the US military was "locked and loaded" to take action.

"Saudi Arabia has been attacked, which has global consequences. The UN Security Council was created to address threats to international peace and security, and this attack meets that criteria," the senior administration official said as Pompeo headed to Saudi Arabia and Abu Dhabi in the UAE.

Pompeo will begin his trip in Jeddah, arriving September 18.

"He will meet with Saudi Crown Prince Mohammed bin Salman to discuss the recent attack on the Kingdom's oil facilities and coordinate efforts to counter Iranian aggression in the region," State Department Spokesperson Morgan Ortagus said.

The Secretary will then travel to Abu Dhabi to meet with UAE Prince Mohammed bin Zayed to discuss regional and bilateral issues, she said in a statement.

Some media reports said that the Trump administration was planning a retaliatory action against Iran, as tension escalate in the Middle East in the aftermath of the massive damage to the Saudi oil facilities.

According to the official, the US sees a role for the UN Security Council.

"We do see a role for the UN Security Council to play. Saudi was attacked and it would be appropriate for them to call upon the Council. But we first need to gather the releasable information," said the official who spoke on condition of anonymity.

"Iran has a long history of testing its strength. But they never climb too high up the escalation ladder. At a certain point, when the world says enough, they come back down," the official said in response to a question.

US Defense Secretary Mark Esper said Iran continues to violate international norms and has chosen to promote instability and danger throughout the region.

The NBC News reported that the Trump administration was weighing a range of options for a retaliatory action against Iran, including a cyberattack or physical strike on Iranian oil facilities or Revolutionary Guard assets.

In a national security meeting on Monday, US military leaders provided Trump with a menu of possible actions against Iran.

"But the president, seeking a narrowly focused response that wouldn't draw the US into broader military conflict with Iran, asked for more options," the report said, quoting people who were briefed on the meeting.

In an interaction with reporters, White House Deputy Press Secretary Hogan Gidley said the president felt as though Iran was likely the culprit of the attack.

"I mean, it was an attack on the global economy. The president is dealing with all of our partners and allies in the region. We want to make sure that the evidence and the information clearly points to a culprit here.

"In all likelihood, as the president said, it was Iran. But, when we have a definitive answer on that, we'll let you know," he said, adding that no option is off the table.

Gidley said Trump has been very clear that the US is not going to begin to have conversations with Iran until they change the behaviour that they've been a part of for more than 40 years.

"When you're the world's largest state sponsor of terror, you're going to have to change behaviour if the president of the United States is going to have a conversation with you," he said.

"The president wants to make a deal with Iran. He sees great potential in the country. But, for the better part of 40 years, this kind of behaviour has been well documented, well known across the globe. The president wants to see that kind of behaviour change.

"We've been tougher on Iran than any administration in history with the sanctions we've put on them up to and including yesterday from the briefing room," he said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 25,2020

Abu Dhabi, May 25: Dusty weather to persist in the UAE on Monday as well with a chance of rainfall in parts of the country, the national Met department reported.

According to the NCM, the weather today will be fair to partly cloudy, with a chance of some convective clouds formation by afternoon - eastward and northward - extending to some internal areas that may be associated with some rainfall.

The weather will get humid by night and Tuesday morning over some coastal areas.

NCM predicts a wet Eid break.

Sharjah Police issued a weather warning as heavy rain flooded roads in Sharjah's Kalba among other areas.

Moderate to fresh winds will gain strength during the day causing blowing dust and sand.

The sea will be slight to moderate in the Arabian Gulf and in Oman Sea.

Earlier on Sunday, a weather alert was issued by authorities as moderate to heavy rain - accompanied with hail - lashed parts of the UAE. A rainbow in Dubai skies cheered up residents, celebrating a unique Eid this year amid the coronavirus Covid-19 pandemic - by mostly staying home.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 9,2020

New Delhi, Jan 9: JNU students who tried to march towards the Rashtrapati Bhavan on Thursday protesting the violence on the university campus were stopped by police and later detained.

The police also resorted to baton charge to control the mob who tried to block the traffic at Janpath. Using loudspeakers, the police also appealed to the crowd to maintain peace.

Before the students tried to proceed towards the Rashtrapati Bhavan, a delegation of JNU Students' Union and JNU Teachers' Association also met Human Resource Development (HRD) Ministry officials and demanded the removal of Vice-Chancellor M Jagadesh Kumar from his post.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.